Indo Rama Synthetics Q2 profit up

Net sales for the second quarter ended September 30,stood at Rs 705.21 crore.

It had net sales of Rs 597.37 crore in the same period last fiscal.

In a filing to Bombay Stock Exchange,Indo Rama Synthetics today said it will raise Rs 81.2 crore through issue of two crore preferential convertible warrants to promoter group companies at a price of Rs 40.60 per warrant.

The fund would be used to meet the current expansion projects of replacing furnace oil based heat treatment media with coal based plant,expansion in high capacity draw texturised yarn machines and setting up steam turbine generator of 11 MW capacity,the company said.

Shares of Indo Rama Synthetics today closed at Rs 71.50 on Bombay Stock Exchange,up 5.38 per cent from its previous close.